Turkish Economy and Business Life

According to the report published by TOBB (The Union of Chambers and Commodity Exchanges of Turkey), 84.102 new firms have been established in 2019. 12.634 companies are established by foreigners while1.161 cooperatives companies were also launched.

According to the report published by Turkish Ministry of Trade, (T.C.Ticaret Bakanlığı) Turkey’s export has been reached an all-time high $180.50 billion showing growth rate of 2.04% in 2019 compared to the previous year.

According to a new survey conducted by the British transnational bank HSBC, Turkey has ranked seventh for expatriates among 163 countries around the world. The survey examines countries in terms of quality of life, work and life balance, financial revenues and family life, which is regarded as one of the most comprehensive surveys of expatriates.

Turkey has entered a strong rebalancing period and posted an all-time record high for its current account surplus. Country’s 12-month rolling surplus amounted to $4.3 billion in October 2019 which stands in stark contrast to the USD 38.9 billion deficit recorded in the 12 months up to October 2018.

Minimum wage amount is announced by The Minimum Wage Commission which is effective as of 1st of January 2020. Following this development, gross minimum wage has been set as 2.943,00 TRY and net minimum wage has been set as 2.324,70 TRY.

The ‘‘Belt and Road Initiative’’ (BRI), or as it is also known as “One Belt, One Road” project, was first announced by Chinese President Xi Jinping in 2013. China’s Belt and Road Initiative (BRI) are based on two main branches which are Silk Road Economic Belt (SREB) and Maritime Silk Road (MSR) to connect China with Africa and Europe via land and maritime networks along six with corridors.

Turkey is ranked 33rd among 190 economies in the World Bank’s Ease of Doing Business 2020 report. Turkey was 69th in the 2017 version of the report. Turkey developed registering a property by reducing the time to obtain a tax assessment simultaneously reducing mortar charges to transfer property. In addition, VAT was exempted from some capital investments.

Nearly 25 million international visitors visited Turkey in the first seven months of 2019. There is 14.1% increase compared to previous year’s same period. Mainly visitors diverted to a Mediterranean resort city, Antalya, heading more than 7.85 million visitors

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